On May 5, 2019 I spoke with Argentine economist Claudio Katz in his Buenos Aires apartment. We discussed themes from his last two books, Neoliberalismo, neodesarrollismo, socialismo (Neoliberalism, neodevelopmentalism, socialism, 2016) and La teorÃa de la dependencia, cincuenta años después (Dependency theory, fifty years later, 2018), as well as the complexities of the current regional conjuncture. In an incisive and wide-ranging survey, Katz explains the root causes and timing of the decline of the latest wave of Latin American progressive governments. At the same time, he emphasizes the fragility of the “conservative restoration” as it has unfolded in its wake, captured most eloquently perhaps in the paralysis of the Jair Bolsonaro government in Brazil.